Last year, the parish paid $1.63 million to cover its buildings for losses up to $100 million. The two properties needing the most insurance are the Government Tower on Main Street and the Houma Power Plant on Barrow Street.

So far, the parish is looking to cover about $50 million of its building assets this year, said Janell Brierley, parish director of risk management, the department that oversees the parish’s insurance policies. The price tag for less coverage, however, may actually increase to $1.73 million.

"The cost to insure $100 million has really become unaffordable for the parish," Brierley said. "It’s astronomical."

December was a busy month for the insurance business, Brierley said. Lots of businesses and governments have insurance-renewal dates in December, making the month a competitive one.

Every year, the parish hires a broker to shop for layers of insurance coverage from various companies, then parish risk-management officials present the price quotes to the Terrebonne Parish Council to approve.

The parish’s property insurance for 2006 originally expired Dec. 31. But by the end of December, the broker, Arthur J. Gallagher and Co., struggling to find something affordable, didn’t have an insurance package ready for approval.

So the Parish Council agreed to extend the current policies 60 days while the broker looked for quotes. The extension cost the parish $281,449.

That 60 days is up in less than two weeks, putting the Terrebonne Parish Council in a tight spot to quickly approve quotes before the insurance expires.

Councilwoman Arlanda Williams, the chairwoman of the Policy, Procedure and Legal Committee, said she’s disappointed the issue was pushed back so close to deadline.

Back in October, the Parish Council hired Arthur J. Gallagher, based in Metairie. The council took heat from local insurance brokers for hiring an out-of-town company.

Parish risk-management officials said the former broker, USI Gulf Coast Inc., had "performance issues." USI contends they never had problems and were unfairly released as the parish’s property broker.

Williams said the current brokers had enough time to get insurance sooner.

"Hurricanes Katrina and Rita put a great impact on this state and this parish. I do understand it’s going to be hard to find coverage. But I think that after four months, we shouldn’t be two weeks from a deadline," Williams said.

Finding insurance has become more complicated than in the past, Brierley said. Insurers want more information before agreeing to insure a building.

The brokers also needed time because they have been trying to get more than one option, Brierley said.

Brierley said the brokers have at least one solid quote to cover $50 million of parish-owned property. It would cost the parish a $1.73 premium to cover buildings till March 2008. The deductible would be $100,000.

There should be at least one other quote, she said.

Brierley said the brokers may also have a package with a $500,000 deductible for $50 million of coverage. The total annual premium for that would be about $33,000 less than the $1.73 million quote. Brierley said that package will be final sometime this week.

The brokers looked for different insurance quotes based on four deductible options: $100,000, $500,000, $1 million and $2 million.

A lower deductible brings a higher cost for the policy. So officials are weighing options and seeing where the parish wants to spend more money -- either up front through a high premium or after an insurance claim through a high deductible.

<p>HOUMA -- It’s no secret that finding insurance is difficult in the wake of hurricanes Katrin and Rita, and local government is in the same predicament, say Terrebonne Parish officials.</p><p>The current insurance for parish-owned property expires March 1. So far, no new insurance quotes have been approved by the Terrebonne Parish Council.</p><p>But parish risk-management officials said they’ve got insurance quotes ready for the council’s Feb. 26 Policy, Procedure and Legal Committee meeting.</p><p>The parish has $200 million worth of building assets.</p><p>Last year, the parish paid $1.63 million to cover its buildings for losses up to $100 million. The two properties needing the most insurance are the Government Tower on Main Street and the Houma Power Plant on Barrow Street.</p><p>So far, the parish is looking to cover about $50 million of its building assets this year, said Janell Brierley, parish director of risk management, the department that oversees the parish’s insurance policies. The price tag for less coverage, however, may actually increase to $1.73 million.</p><p>"The cost to insure $100 million has really become unaffordable for the parish," Brierley said. "It’s astronomical."</p><p>December was a busy month for the insurance business, Brierley said. Lots of businesses and governments have insurance-renewal dates in December, making the month a competitive one.</p><p>Every year, the parish hires a broker to shop for layers of insurance coverage from various companies, then parish risk-management officials present the price quotes to the Terrebonne Parish Council to approve.</p><p>The parish’s property insurance for 2006 originally expired Dec. 31. But by the end of December, the broker, Arthur J. Gallagher and Co., struggling to find something affordable, didn’t have an insurance package ready for approval.</p><p>So the Parish Council agreed to extend the current policies 60 days while the broker looked for quotes. The extension cost the parish $281,449.</p><p>That 60 days is up in less than two weeks, putting the Terrebonne Parish Council in a tight spot to quickly approve quotes before the insurance expires.</p><p>Councilwoman Arlanda Williams, the chairwoman of the Policy, Procedure and Legal Committee, said she’s disappointed the issue was pushed back so close to deadline.</p><p>Back in October, the Parish Council hired Arthur J. Gallagher, based in Metairie. The council took heat from local insurance brokers for hiring an out-of-town company.</p><p>Parish risk-management officials said the former broker, USI Gulf Coast Inc., had "performance issues." USI contends they never had problems and were unfairly released as the parish’s property broker.</p><p>Williams said the current brokers had enough time to get insurance sooner.</p><p>"Hurricanes Katrina and Rita put a great impact on this state and this parish. I do understand it’s going to be hard to find coverage. But I think that after four months, we shouldn’t be two weeks from a deadline," Williams said.</p><p>Finding insurance has become more complicated than in the past, Brierley said. Insurers want more information before agreeing to insure a building.</p><p>The brokers also needed time because they have been trying to get more than one option, Brierley said.</p><p>Brierley said the brokers have at least one solid quote to cover $50 million of parish-owned property. It would cost the parish a $1.73 premium to cover buildings till March 2008. The deductible would be $100,000.</p><p>There should be at least one other quote, she said.</p><p>Brierley said the brokers may also have a package with a $500,000 deductible for $50 million of coverage. The total annual premium for that would be about $33,000 less than the $1.73 million quote. Brierley said that package will be final sometime this week.</p><p>The brokers looked for different insurance quotes based on four deductible options: $100,000, $500,000, $1 million and $2 million.</p><p>A lower deductible brings a higher cost for the policy. So officials are weighing options and seeing where the parish wants to spend more money -- either up front through a high premium or after an insurance claim through a high deductible.</p>